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Guernsey bank deposits grow for first time in over a year

International Adviser
By International Adviser  08-Jul-2010

Bank deposits grew in Guernsey for the first time in more than a year during the first quarter of 2010.

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Figures released by Guernsey Finance showed deposits increased by £1.3bn, or 1.1%, over the period.

The rise meant deposits totalled £118.7bn at the end of March.

Prior to this, Guernsey had reported quarter on quarter falls in the value of banking deposits stretching back more than a year.

This increase took the total value of Guernsey bank deposits to £118.7bn at the end of March 2010. However, this represents a £24.2bn, or 17%, drop compared to the end of March 2009.

However, the quarter of growth follows a full year of contraction and therefore means that deposits have fallen in value by £24.2bn (17%) since the same time last year.

Peter Niven, chief executive of Guernsey Finance, said: “This is the first time in 15 months that I have been able to report growth in the value of banking deposits during the previous quarter.

“It reflects the greater stability in the banking sector,” he said.

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